Palantir Technologies (PLTR) has seen a sharp rise in its stock price due to investor interest in its Artificial Intelligence Platform (AIP), prompting analyst Daniel Ives to set a price target of $160.

Palantir, a software company specializing in big-data analytics and AI platforms, has a market cap of $350 billion and has been the top performer of the S&P 500 Index this year.

The company delivered a strong first-quarter report, with revenue up 39% year-over-year to $884 million, leading to an increase in full-year revenue guidance to roughly 36% growth for fiscal 2025.

Wedbush analyst Dan Ives maintained an “Outperform” rating on PLTR stock with a price target of $160, citing its potential to become a foundational platform in the AI industry.

Despite positive outlooks, Citi has a “Neutral” rating on the stock, citing valuation concerns and mixed international momentum, while the consensus rating for PLTR stock is a “Hold.”

With a current average analyst price target of $106.12 and Wedbush’s target of $160, there is still potential for PLTR stock to rise further.

Read more at Yahoo Finance: Can Palantir Stock Hit $160 in 2025?